Investment Plans 118 views July 26, 2021

Exide Life New Immediate Annuity Plan helps you get guaranteed regular income for the rest of your life post retirement. So, invest in the Exide Life New Immediate Annuity Plan and secure your future financially. The key features of this plan are as follows:

  1. Lifelong Annuity Payouts
  2. Flexible Payout Options
  3. Death Benefit
  4. No Medical Examination
  5. Large Volume Discount on the Annuity Rates

Let’s learn more about these and other benefits of the Exide Life New Immediate Annuity Plan.

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Exide Life New Immediate Annuity Plan Benefits

The insurer provides you the following benefits under the Exide Life New Immediate Annuity Plan:

Annuity Benefit

The regular income starts after the end of the annuity payout mode as chosen by you. If you have an existing Exide Life pension accumulation policy and you buy an annuity from those proceeds, the insurer provides you a higher annuity rate. The annuity rates will depend on the purchase price, entry age and the annuity payout mode. Check out the table below to know the annuity rates based on your entry age.

Entry Age (In Years)Annuity Benefit < INR 1 lakhAnnuity Benefit = INR 1 lakh < INR 2.5 lakhAnnuity Benefit = INR 2.5 lakh < INR 5 lakhAnnuity Benefit = INR 5 lakh < INR 25 lakhAnnuity Benefit >= INR 25 lakh
4549.9960.9467.3869.3371.01
5051626870.1671.84
5551636971.0372.73
6052637071.8773.58
6552647172.6374.4
7052647173.3375.21
7552647273.9976.05
8052647274.6677.05

Note: The annuity rates are reviewed by the company from time to time. And once the annuity rate is applied at the time of entry, it will remain the same for the rest of the life based on the purchase price.

Death Benefit

In case of death of the life assured during the policy term, the insurer will refund the purchase price to the nominee or legal heir as a death benefit.

Exide Life New Immediate Annuity Plan Eligibility Criteria

Exide Life New Immediate Annuity Plan is available to both existing and other than existing customers. Existing customers are those policyholders and nominees’ who are covered under the existing deferred/fund-based pension products and other such plans to be launched later with the approval of the IRDAI. Whereas other than existing customers are those who purchase an Immediate Annuity using the proceeds/benefits of the products other than the Exide Life’s Deferred/Fund Based Pension plans.

The minimum entry age under Exide Life New Immediate Annuity Plan is as follows:

  1.  Existing Customers – 0 years (as on the last birthday)
  2.  Customers other than Existing Customers – 45 years (as on the last birthday)
  3. Customers other than Existing Customers (Members of a United Kingdom (UK) Registered Pension Scheme wanting to transfer their pension corpus from the UK into this scheme) – 55 years (as on the last birthday)

The maximum age at entry is 80 years under Exide Life New Immediate Annuity Plan.

Exide Life New Immediate Annuity Plan Payout Mode & Premium Payment Term

Exide Life New Immediate Annuity Plan provides you lifelong cover with a single premium payment option. The annuity payout modes allowed under this plan are as follows:

  1. Yearly
  2. Half-Yearly
  3. Quarterly
  4. Monthly

Check out the table below to know the annuity payout for modes other than yearly:

Annuity Payout ModeAnnuity Installment (Per Frequency)
Half-Yearly48.5% of Yearly Annuity
Quarterly23.75% of Yearly Annuity
Monthly7.75% of Yearly Annuity

The minimum annuity amount is INR 1,000 per month. And based upon the annuity amount, the minimum purchase price is INR 1,000 per month. The maximum purchase price has no limit.

Free Look Period

In case you disagree with any of the terms and conditions of the policy, you can cancel it by stating the reasons for disagreement within 15 days of the receipt of the policy document. On cancellation, the insurer will refund the purchase price after a deduction of the applicable stamp duty charges (if any), provided the annuity is not funded from the proceeds of any pension plan. Whereas, if the policy is purchased from the proceeds of a pension plan with Open Market Option (OMO), the purchase price is transferred to any other annuity provider as selected by you.

Freelook cancellation is not applicable if you have compulsorily purchased an annuity from Exide Life Insurance using the proceeds of a pension plan. However, you can change the type of annuity within the free look period.

The free look period is 30 days if the policy is sourced through distance marketing mode. Distance marketing includes the following modes:

  1. Voice mode – telephone-calling
  2. Short Messaging Service (SMS)
  3. Electronic mode – e-mail, internet and interactive television (DTH)
  4. Physical mode – direct postal mail and newspaper & magazine inserts
  5. Solicitation through any means of communication other than in person

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